A large circular craft with many different colored lights blinking around it (like they were windows or lights on the craft).

The date is not acurate since I am reporting this from my childhood, about 22 years ago. On a clear night in the mid to late 70's, my brother and I observed a very large round strange craft with a rounded bottom and sharp circular edge and above that a row of various colored lights that seemed to light in circular fashion around the craft. It had a smaller circular top. We observed this object hovering over the tree line and were very disturbed by this since it was very different. I don't remember what happened afterwards; I think it slowly drifted away. At the same time (not sure if it was the same day) I was walking up some stairs and observed 2-3 bright spheres out the window making a pass over our house. NO sounds were ever made by any of these objects. I have heard other reports that these spheres have been seen entering and/or leaving a large craft like the one I described before. Any other reports of these incidents at the time?

((NUFORC Note: Approximate date. It is very difficult to report to a witness if anything similar was reported, unless an accurate time and date is known. The time and date of an event are very important for comparison of possibly related events. PD))